BoG Confirms No Changes to Dollar Withdrawals from Forex Accounts
The Bank of Ghana (BoG) has confirmed that customers with Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) can still withdraw foreign currency over the counter without any new restrictions.
In a notice dated May 15, 2025, and signed by Bank Secretary Sandra Thompson, the BoG clarified that existing withdrawal rules remain unchanged. This follows public concern after BoG board member Isaac Adongo claimed in a TV interview that banks were limiting dollar withdrawals to international transactions like travel or imports.
Responding to Adongo’s comments, the Ghana Association of Bankers refuted any policy change. Its CEO, John Awuah, emphasized that banks continue to allow dollar withdrawals for account holders, as long as they have a legitimate reason, and that only formal instructions from the BoG Governor are followed.
The central bank also reiterated its 2014 guidelines, allowing individuals without FEA or FCA accounts to buy up to $10,000 in foreign currency for travel, with proper documentation. Use of cheques for forex accounts also remains unchanged.
The BoG urged the public to rely on official communications and ignore unofficial statements not issued by the central bank.
